Tech

Ophelos raises £ 5 million to revolutionize the debt collection industry

FinTechInvestment

Ophelos, a startup that uses artificial intelligence to fundamentally rethink the debt resolution process in the UK, has raised an initial round of funding totaling £ 5 million.

The funding round was led by AlbionVC, which previously invested in fintechs such as Quantexa and Credit Kudos.

Vast Ventures, one of the first investors in Coinbase and Tala, regulatory and public policy experts Form Ventures, as well as existing investors Connect Ventures and Fly Ventures also contributed.

A group of angelic investors also attended, including Matt Robinson (co-founder, GoCardless & Nested), James Meekings (co-founder, Funding Circle), and Jonah and Noah Goodhart (co-founders, Moat).

Launched in 2021 by Amon Ghaiumy, Paul Chong and Professor Qingchen Wang, Ophelos’ client roster boasts three of the largest energy retailers in the UK and FinTech brands including Yonder, Plend and Butter.

Ophelos says it is significantly outperforming traditional debt collection agencies on debt collection rates, having seen performance improvements of up to 100%.

“We are incredibly excited to take this next step in Ophelos’ journey,” said Amon Ghaiumy, CEO and co-founder.

“In one of the toughest fundraising climates of the past decade, the success of this funding round shows that our approach to transforming the debt resolution process is in tune with the best investors in Europe and the United States.

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“The additional funding will allow us not only to improve our product and expand our services, but also to fulfill our mission of becoming the new standard for how organizations resolve and manage debt, ethically and technologically.

“Last year the cost of living crisis reached almost unbearable levels for millions of people and debt will inevitably impact most households across the country. With increasing pressure on collection departments due to increased collection volumes and staff shortages following the pandemic, there is a dire need for automation and better use of technology by companies in this industry rather than relying on antiquated debt collection agencies.

“In addition, customers should feel empowered to settle their debts without the fear of facing a bailiff visit or other poor debt collection practices.”

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Ophelos raises £ 5 million to revolutionize the debt collection industry

Source link Ophelos raises £ 5 million to revolutionize the debt collection industry

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